When should Customer Due Diligence be undertaken?

In accordance with section 19 (4) of the AMLTF Code of Practice, CDD should be undertaken:

• when establishing business relationships;
• when processing one-off transactions;  
• when there is a suspicion of ML, TF or PF;
• when a business relationship or transaction presents any specific higher risk scenario;
• when the FI or DNFBP doubts the accuracy or adequacy of previously obtained customer identification data; and
• in the case of a trust or life insurance policy, where the beneficiary is identified or designated